As part of its search for Carlin-type gold deposits in China, Toronto-based junior Silk Road Resources (SIL-V) has bumped up its ownership to 90% from 70% in its highly prospective Gansu Jiaxin Minerals joint venture.
The Jiaxin joint venture holds a land package covering 40 sq. km collectively called Bulagou. The area in Hezuo county, 231 km south of the provincial capital of Lanzhou — contains both the Yidi and Labuzaika prospects, as well as several other areas of interest that have attracted local miners who are exploiting small-scale gold deposits.
Silk Roads joint venture, which received its business licence in August 2006, is targeting large-tonnage, low-grade, sediment-hosted, intrusive-hosted and skarn gold deposits located within, and peripheral to, high-level intrusive stocks.
The company plans to begin a drilling program on Bulagou as soon as the exploration licences are received.
In Toronto, Silk Roads shares rose $0.15 to close at $1.50 per share on a trading volume of 28,100.
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